Redemption of shares: prior approval and bye law or agreement based redemption required, at face value. The substituted section 35 prescribes that shares held by authorities in clauses (c) and (d) of section 25(1) require prior approval for redemption and ... Summary
Redemption of shares: prior approval and bye law or agreement based redemption required, at face value.
The substituted section 35 prescribes that shares held by authorities in clauses (c) and (d) of section 25(1) require prior approval for redemption and are redeemable only in a manner agreed with those authorities; shares held by authorities in clauses (e) to (g) of section 25(1) are redeemable pursuant to the society's bye laws or, if silent, as agreed with those authorities, and all redemptions must be at face value.
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